DormSale.com, Inc. Expands Auction Website For Students
Wed. February 16, 2000 12:00 AM by Business Wire
The site was initially launched to New York City schools on November 30, 1999. Since then, the company has expanded to Washington D.C. and Boston schools.
Ms. Cheung, the company's COO, stated: "We aim to eliminate the need for students to post flyers all around campus. There will now be one single place for sellers and buyers to come together. And because its an auction, we create better value for the seller and the buyer."
The company's president added, "Before now, there were the old bulletin boards where ugly for-sale flyers were posted around campus, only to be ripped down and hidden. There were classified ads in some student newspapers and a few online newsgroups devoted to students. DormSale.com is going to change all that."
DormSale.com is an auction site tailored to students. It was founded on the premise that national auction sites, such as eBay (EBAY) and Amazon (AMZN), are ineffective for students. Items which students need are lost within hundreds of categories. In addition, the seller needs to ship the item to the buyer, adding to the cost. These sites also provide many opportunities for fraud.
DormSale.com is organized by school, which allows for localized auctions and eliminates the need for shipping. DormSale.com mitigates fraud and allows the students to carry the item home the same day the auction ends.
From their school's auction page, students can sell used textbooks, electronics, furniture, music, and anything else they want to put on the market. Other students view items for sale and bid on the ones they want. At the end of the auction, the highest bidder wins the item. DormSale.com informs the buyer and seller of the final sale price and gives them each other's contact information. Then the students meet on campus to make the exchange.
The company's chairman noted, "The DormSale.com team is extremely excited about this service and its quick expansion. There is a strong need in the college community for this service and we look forward to fulfilling that need. Our intention here is to make life better for the college student."
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